Federal regulators issue TDR guidance

first_imgNAFCU continues to receive questions from credit unions as they navigate the challenges posed by COVID-19 and work to help their members who are adversely impacted. One common question is to what extent loan modifications made during this time will be considered a “troubled debt restructuring” (TDR) under NCUA guidance and generally accepted accounting principles (GAAP).As a reminder, Appendix B to Part 741 of NCUA’s regulations sets forth the agency’s expectations regarding loan workouts, nonaccrual policies, and regulatory reporting of TDR loans. In this guidance, the definition of TDR is set by the Financial Accounting Standards Board (FASB), whether a specific loan modification is a TDR is generally a question requiring accounting expertise, not legal expertise. Credit unions may need to consult with their accountant on these kinds of issues.In Appendix B, NCUA stated that a TDR is “a restructuring in which a credit union, for economic or legal reasons related to a member borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider.” This can include “a modification of the loan terms, such as a reduction of the stated interest rate, principal, or accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate.” In other words, many of the programs credit unions have been considering to assist members affected by COVID-19 seemed to potentially meet the definition of TDR. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Badger softball team extinguishes Flames with 2-hit victory

first_imgBRYAN FAUST/Herald photoCHICAGO — At 6 p.m., traffic in Chi-town was, as usual, totally jammed and gridlocked, due to an accident on the Edens Expressway.Meanwhile, only a few blocks away, another Eden was the cause for the citizens of Chicago’s grief: pitcher Eden Brock was amid her best game of the season, tossing a two-hit, complete game shutout, silencing the bats of the University of Illinois-Chicago and lifting the University of Wisconsin softball team to a 2-0 victory.”She had total control and never got rattled,” said UW head coach Chandelle Schulte after the game. “Eden had it. There was no doubt about it.””This is one of my best games,” Brock said. “A shutout is always good and so is a low pitch count.”Pitching against a gorgeous picturesque backdrop of the Chicago skyline, Brock took advantage of an overaggressive Flames squad that was more than happy to chase Brock’s dropball early and often, leading to a plethora of weak ground balls.”[The Flames] made it easy for me,” Brock said. “They were very aggressive at the plate, and they swung early in the count, so we were throwing them dropballs and they were just driving them into the ground. It worked really well.”A superb defense was also key for the Badgers (18-16, 3-5), as the team didn’t bobble a ball the entire evening and made almost every play appear little more than routine, though some of the grounders were hit sharply.Third baseman Athena Vazquez and shortstop Lynn Anderson both stood out defensively, making several diving or reaching stabs on hot shots and being on target on all their throws to first.”Our defense was awesome today,” said senior Kaitlin Reiss, who drove in one of UW’s two runs. “I think this is the cleanest game we’ve played all year. Everybody just played great.”Offensively, all the action was early, as Wisconsin picked up both of its runs early playing small ball. Wisconsin managed five hits off of Flames starter Brittany McIntyre, who was lifted after only two-and-one-third innings, after giving up RBI singles to Reiss and Anderson in the second and third innings.”The funny thing is we didn’t hit the ball hard when we picked up those five hits,” Schulte said. “We just hit timely.”After Wisconsin picked up its second run, the Flames went to the bullpen and inserted Sarah Clynes, who went on to mystify the Badger offense for the remainder of the game, pitching four-and-two-thirds innings worth of no-hit ball while walking only two.”Its tough to come in and, after facing a 63-64 mile-per-hour fastball, have someone come in and throw 56, maybe 57,” Schulte said. “It’s like facing a knuckleballer in baseball. It takes a couple innings to adjust to.”However, the Badgers would need no more offense as Brock was simply golden, only allowing one runner to reach second base the entire evening, and that was only after a sacrifice.The closest Illinois-Chicago came to putting together any offense was when pinch hitter Elizabeth Jacoby got a hold of a Brock pitch and took it within inches of clearing the Flames Field fence in right-center, but centerfielder Sam Polito was there for the putout.”It was just that kind of game,” Reiss said. “It was just her night. She just pitched fantastically.”Brock would go on to retire the final 11 Flames in order. In the end, her line was sparkling: seven innings, two hits, no runs, one walk and one strikeout.Schulte was pleased with the win but had hoped for a stronger overall performance.”I wanted to see a win, but I wish we would’ve made more adjustments when [Clynes] came in,” Schulte said. “I also thought we were a little lethargic.”However, the victory, despite a lack of energy, is a clear sign of improvement to Schulte.”Earlier in the year, we wouldn’t have been able to win with the intensity we had today, so that’s a good sign that they’re improving,” Schulte said. “But we need to get focused for this weekend.”last_img read more

Tokyo returns with Summer Games with something new to prove

first_imgLights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew This time the Japanese capital wants to remind the rest of the world that China and South Korea haven’t left behind the first economic powerhouse in East Asia. They will use the games to showcase a clean, safe, and innovative city; an urban maze of nightlife, shopping, and dizzying subway lines that give texture to “Cool Japan” and the country’s place as a cultural touchstone.“It’s going to be a good opportunity to showcase Japanese culture, our technology, our products, our good level of service to give impetus to the Japanese economy,” Maki Kobayashi-Terada of the Ministry of Foreign Affairs, told The Associated Press.FEATURED STORIESSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folk“It’s exactly soft power … to create economic impact,” Kobayashi-Terada added, a fancy term that means translating an engaging culture into political and economic power.Tokyo has billed itself as a “safe pair of hands” for the Olympics, which is everything that Rio de Janeiro wasn’t. The 2016 Games left behind scandals, millions in unpaid bills, and useless “white elephant” venues. After 2 lopsided losses to Thunder, Durant leads Warriors rout Phivolcs records 2 ‘discrete weak ash explosions’ at Taal Volcano Ishizaka said people are bothered by delays and scandals involving the redevelopment plans for Tokyo’s world-famous Tsukiji fish market and the city’s bay area, where several events will be held.And Ishizaka fears the Olympics “may be used to declare the end to disaster reconstruction” in the Fukushima area, suggesting things are back to normal.“The 2020 Games should be a big festival, but we can’t expect much growth and many people, even residents of Tokyo, will hardly notice the changes that Tokyo has gone through,” Ishizaka said.The IOC and local organizers say they’re cutting costs. John Coates, the IOC member overseeing Tokyo’s plans, said recently that Tokyo had cut $1.4 billion from the price tag. Some venues have been moved to other areas, and existing venues will be used instead of building new ones.Coates lauded Tokyo’s transparency and mentioned Rio.“In Rio we didn’t know who was paying what — if at all,” he said.Tokyo organizers say the games will cost about 1.35 trillion yen ($12.5 billion). However, last month Tokyo Governor Yuriko Koike said the city would spend an added 810 billion yen ($7.5 billion) on “projects directly and indirectly related to the games.”The IOC and organizers argue those expenditures fall “outside the overall games budget.” This is a debate that rages at every games: Exactly what are, and what aren’t, Olympic expenses?Koike said the new costs included building barrier-free facilities for Paralympic athletes, training programs for volunteers, and advertising and tourism plans.That puts the total cost at about $20 billion, 70 percent of which is public money. This figure includes the privately run local organizing committee’s budget of 600 billion yen ($5.5 billion). About $2.91 billion of that is coming from national marketing program that has landed 47 sponsors. 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But exactly what’s in it for Japan?Kobayashi-Terada said the Olympics will improve accessibility for the elderly and for people with disabilities, modernize infrastructure and drive tourism. She said Japan had 29 million foreign visitors last year, and hopes to have 40 million in 2020. Tourism is booming, particularly from Asia.The Olympics will also try to convince the world about the safety of Fukushima, where a nuclear reactor was damaged after the 2011 earthquake and tsunami. The prefecture north of Tokyo is a venue for baseball and softball.“There are only some limited villages which are restricted for entry,” Kobayashi-Terada said. “But there are so many other places which are already under recovery. We’d like to show that and thank the world.”But there also hints of scandal.A French-led investigation has been looking into $2 million paid by the Tokyo Olympic bid team — or representatives — to sports officials who have been linked to vote-buying in IOC bid elections. A Japanese investigation concluded the payments were not illegal.“Our committee is different from the bidding committee,” Kobayashi-Terada said. “We believe that we got Tokyo 2020 because our bid was the best one.”And there are domestic doubters.Japan is already a high-tax country that does not need the Olympics to spur building new bridges, trains and highways. Taxpayers have been critical of too much spending on questionable projects.“Tokyo lacks a clear purpose for hosting the games other than city development, and that’s why many people are still puzzled today,” said Yuji Ishizaka, an expert on the Olympics at Japan’s Nara Women’s University. Sea turtle trapped in net freed in Legazpi City Steam emission over Taal’s main crater ‘steady’ for past 24 hours GALLERY: Barangay Ginebra back as PBA Governors’ Cup kings Phivolcs records 2 ‘discrete weak ash explosions’ at Taal Volcano Tokyo also marks a watershed for the battered International Olympic Committee.After corruption dogged the games in Rio, and a doping scandal grew out of the 2014 Winter Games in Sochi, Tokyo should be the first of three return-to-normal Summer Games in first-world metropolises. The IOC has already picked Paris for 2024 and Los Angeles for 2028.And Japan also has hosted two successful Winter Olympics in Nagano and Sapporo.“I don’t think the International Olympic Committee is going to go to a developing city any longer,” Olympic historian David Wallechinsky told The Associated Press. “They don’t want that anymore. They want cities that are ready.”The Pyeongchang Olympics were Wallechinsky’s 18th, and he has researched every Olympics extensively including Tokyo. Those Olympics kicked off when Yoshinori Sakai — born in Hiroshima the day the city was hit by the 1945 atomic bomb — lit the Olympic cauldron.ADVERTISEMENT “And there will be more to come,” Coates said.Sports Related Videospowered by AdSparcRead Next LATEST STORIES FILE – In this April 28, 2017, file photo, a woman looks at the construction site of the new National Stadium for the 2020 Tokyo Olympics and Paralympics in Tokyo. Tokyo used its famous 1964 Olympics to show off a miraculous recovery from defeat in World War II. This time the Japanese capital will use the games to showcase a clean, safe, and innovative city with great shopping and nightlife. (AP Photo/Koji Sasahara, File)PYEONGCHANG, South Korea — Tokyo used its famous 1964 Olympics to show off a miraculous recovery from defeat in World War II. Japan was back after just 19 years with high-speed trains, geeky gadgets, and dazzling efficiency.Tokyo’s back again with the 2020 Summer Olympics, this time with something different to prove.ADVERTISEMENTlast_img read more